Legacy Cities ACCESS

Organization Name: The Community Preservation Corporation

Project Title: Legacy Cities ACCESS

Project Location: Kingston, NY

Project Description:
This gut rehabilitation of four, formerly vacant properties is the first project funded through the $25 million Legacy City ACCESS program, designed to transform blighted structures into move-in ready homes that will help expand affordable homeownership opportunities for low- and moderate-income residents, specifically first-time buyers and households of color. Legacy City ACCESS is a partnership between New York State Homes and Community Renewal and The Community Preservation Corporation (CPC). CPC is providing construction financing and technical assistance to developers of all the Legacy City ACCESS projects through ACCESS, an initiative that supports real estate entrepreneurs of color who have historically faced barriers to entry in the development industry. With Legacy City ACCESS funding, The Kingston City Land Bank and Maeda Construction, a Certified MWBE GC firm, are rehabilitating the properties. The renovation scope includes new kitchens, baths, roofs, floors, windows and doors; energy efficienct insulation, windows and appliances; and high efficiency electric mini-split systems for heating and cooling. Upon completion, the homes will be sold to eligible first time homebuyers.

Community Impact:
This project and the broader, $25 million Legacy Cities ACCESS program have a multi-layered, positive community impact: addressing blight, supporting BIPOC business owners, and creating quality, affordable, and sustainable homeownership opportunities for first time homeowners and specifically households of color.

Affordable homeownership is a key piece of the puzzle to closing the wealth gap in our communities. An affordable home helps build equity over generations and provides long-term security and stability to hardworking families who are ready to put down roots in their neighborhoods. The ongoing effects of the COVID-19 pandemic continue to exacerbate the urgency of safe, quality housing. As the demand for both affordable rental housing and homeownership in New York City continues to grow, projects like this one serve the unique affordable housing and revitalization needs of underserved communities.
This project will revitalize vacant, blighted properties and create quality, affordable housing opportunities for four households in Kingston, NY. Sales will prioritize purchasers of color and low-income households, fostering generational wealth building through homeownership.

Organization Description:
CPC is a nonprofit multifamily finance company that uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity in the development industry, and address climate change. Since 1974, CPC has invested over $14 billion to finance more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,000 affordable units under ownership.

Team Members:

CPC, New York State Homes and Community Renewal, State of New York Mortgage Agency, Kingston City Land Bank, Maeda Construction, Goldstein Hall, PathStone Community Improvement of Newburgh

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